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involving hewlett packard sending stocks down sharply. david broke the story. he has details. >> hewlett packard out with quarterly earnings this morning but the real story is part of that earnings release allegation the company was the victim of a massive fraud when i purchased a u.k. company, $11.1 billion deal that closed in october of last year. hp has taken 8.8 billion write-down on autonomy and 5 billion due to serious improprieties and misrepresentations and disclosure failures that occurred prior to its purchase by hewlett packard. in other words, it's fraud. after autonomy's founder and ceo michael lynch was fired by meg whitman, sources close to the company tell me a senior executive from autonomy came forward with evidence of widespread accounting misrepresentations that occurred before it was bought by hp. hp began an investigation and concluded that these accounting improprieties inflated the value by $5.3 billion. the ceo then relied on audited financials when making a bid to buy the company. those financials were audited but there were plenty of investors out there who que
. >> hewlett-packard ceo meg whitman first on cnbc this morning. the accounting scandal broken by our own david faber. he'll join me with what happens next at the troubled technology giant. >>> also ahead, no deal on a cease fire yet. we will get a front line report on the talks between israel and hamas militants. >>> also with us, bank of israel governor stan fischer gives his assessment of the financial impact of the latest conflict. why the rest of the world and the usa needs to monitor this. don't miss my interview with stan fischer coming up. americans are always ready to work hard for a better future. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪ >> welcome back. >> looks like a beat on the bottom line. reporting at 33 cents. a penny better than expectations. revenues were
examples of what could go wrong in banking. first we had hewlett-packard. if you are like me, i have both and hp pc and household printer. to finish at $11.71. best buy. the big box retailer, i have not once but twice done in the last six months. closed at $11.96. two household names that you may have been lured into only to have your hopes dashed. two unmitigated disasters. >> the house of pain. >> what went wrong? hewlett-packard was an accounting scandal. best buy was a hideous earnings shortfall. both seemed to shock investors. however, if you watch this show, you should never have been in these stocks. or you were betting against them. i told you that these companies were total dogs. this morning the company was acquired for $10 million and this was stunning news. if you own hewlett-packard you were in the crosshairs of two dictums. when you have accounting irregularities you have to sell sell sell. i kept a hand-written note, accounting irregularities equals sell. hewlett-packard has got to be sold. i have to tell you that you should be selling the company for ages. i believe that t
into unmitigated disasters. >> the house of pain. >> what went wrong? hewl hewlett-packard was an accounting scandal. both seemed to shock investors however, if you watch this show, you should never have been in these stocks. i told you that these companies were total dogs. this morning the company was acquired for $10 million and this was stunning news. if you own hewlett-packard you were in the crosshairs of two victims. you have to sell sell sell. i kept a hand-written note, accounting irregular layerities equal sell. hewlett-packard has got to be sold. i have to tell you that you should be selling the company for ages. i believe that the culture of the company has been broken for a long time. first, it has gone from being an innovate ter to an asem bler and puts them into a machine. so do many other companies and it is going up against apple which is slowly taking share and now that is accelerating. sit sells printers, neither the pc nor the printer business is taking control. it bought ge but now finally tried to crush cisco but it has since van kwished them. notice, it is being crushed
. >> hewlett-packard has posted a multibillion-dollar loss. they believe the company, autonomy, lied about their finances. a brief time ago, i discussed this with ben thompson. how could this happen? >> it really does to seem that the battle lines are drawn between both sides in this. h-p and meg whitman are talking about how they were misled apparently in buying the firm. they spent $10.3 billion on autonomy. they have said they were misled about the value and profitability. for its part, mark lynch said that the firm had been mismanaged after h.p. took over the firm. it really does seem that both sides claim that they are right but the dispute has been enough to knock 12% off with the price. >> what does this mean for hewlett-packard? >> hewlett-packard is in a difficult position. meg whitman taking the top job. she is cutting around 29,000 jobs in an attempt to save $3.5 billion. this is because there is a big shift in consumer demand away from traditional desktop pc's. that is an area of the market that h-p is not a very dominant in. many have said they have missed the boat and allowed
bartiromo the new york stock exchange. a shocking loss at hewlett-packard, damaging the entire market. the story broken here on cnbc by david faber earlier. >> this has been a really newsy day for a holiday shortened week. i'm bill griffeth. let's show you the markets, how they've been trading here. it will be pretty evident when ben baernanke made that comment that the fed doesn't have the tools to deal with the economy should we go off the fiscal cliff. down it went. we were down 94 points on the dow on the low of the session. now off that low, down 39 at 12,756. nasdaq's lower. apple is also lower today after that monster 7% plus rally yesterday. it's down about a percent right now. the nasdaq down 8-plus points. the s&p is down 3 at 1383. >> not a lot of news from the bernanke lunch except this. the federal chairman warning that if the economy does go off the fiscal cliff, he can't help. he has no more tools. take a listen. >> we can certainly have a meaningful contribution to supporting recovery, but in particular, in the worst case scenario where the economy goes off the broad f
1/2 years. and earnings front, a number of companies set to post quarterly results. hewlett-packard and best buy. shares of hp down more than 48% so far this year. meg whitman has a lot of explaining to do. and shares of best buy have fallen more than 41% since january. the retailer has been the subject the speculation about whether its founder will be bidding for the company to take it private. >> it's schultz. we went back and forth. >> the guy from hogan's heros. >> true. >> this guy was -- i know nothing. >> i'm not sure he's going to take over the company. >> i know it's schultz. >> let's talk about some corporate news -- >> that's unusual for them to report before the bell, isn't it? >> i always thought hp was a reporter after the bell. >> all i know is they have a different fiscal year and so they report -- this is staggered. everybody else already finished. so i usually ignore them. >> let's do two other pieces of corporate news. jpmorgan naming a new chief financial officer, marianne lake. that will happen early next year. she'll be reporting directly to jamie dimon and thi
to the upside. we really need to focus on hewlett-packard. what a disaster. the computer and printing giant revealed today it has discovered -- [inaudible] -- within autonomy. it turns out it doesn't worth anything close to what hp paid for it. now hp will have to write down nearly 9 billion dollars, all kinds of finger pointing about accountants and what they did or didn't discover. we're going to have more on that coming up in just a moment. we know a lot of you might own hewlett-packard. it is a widely-held stock. you need to see what's going on with that company. you want more cold water? fed chairman ben bernanke splashed the markets with it. his speech today before the economic club of new york helping to accelerate losses today. the dow jones industrials down 94 points. the session lows. we're down 39 at the moment. but really the session lows hit shortly after ben bernanke wrapped up his speech. we will get into exactly what he said in a minute. but the homebuilders seem to be kind of impervious to all things bernanke. gains across the board thanks to strong data on housing starts a
of alleged accounting blunders. hewlett- packard claims autonomy's books were inaccurate when it purchased the company, which is now resulting in an $8.8-billion write-down for hp. hewlett- packard officials maintain the legal process will bring out the facts. conagra foods is packaging up a new brand. the company has purchased "private label" food company "ralcorp holdings" for 5 billion dollars. since the recession, consumers have more of an appetite for store-label brands vs popular brand names. conagra's lines include well- known products such as chef boyardee, while ralcorp offers grocery store labeled brands of cereal, pasta and crackers. conagra shares hit a 7-year high of $29 yesterday. the record powerball jackpot could be part of a powerful plan. this week, the powerball hit a half-billion dollars. the associated press reports lottery offcials want to increase sales by driving up jackpots, as state and federal governments get a cut of the winnings. lottery offcials have not responded to the accusations, but did say the purpose of the lotto is to generate revenue for states, and t
. and hewlett-packard sinks. i always wait until the last minute. can i still ship a gift in time r christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. >> we've got a big developing story, we're following the share price of hewlett-packard very closely this morning because of allegations of serious fraud. hewlett-packard says a british company wildly inflated value before hp bought it. hp paid 10 billion dollars for autonomy, that was a year ago. meg whitman's hp says the brits fraudulently pushed up the value by 5 billion dollars. this is not what meg whitman wants as she tries to get a grip on a sinking technology giant. look at this, pre-market activity, hewlett-packard way down. by the way, that stock is one of the 30 components of the dow industrials. that's a loss for hewlett-packard shaving about 13 points off the dow and futures pointing 17 points lower. here is another big story of the morning, france downgraded. moody's taking away france's perfect triple-a
with the fiscal cliff. >> susie: and hewlett packard stuns investors with news of an $9 billion mistake. >> tom: that and more tonight on nbr! >> susie: federal reserve chairman ben bernanke came to new york city today to send a tough message back to washington-- get your act together. he urged lawmakers and the white house to reach a quick deal to avoid the fiscal cliff, saying it might mean next year could be "a very good one for the economy." ben bernanke didn't endorse any specific tax or spending policies to solve the fiscal cliff, but he urged lawmakers to think creatively. he said an agreement on ways to reduce long-term federal budget deficits could remove road blocks to growth. on the other hand, going over the cliff might mean a recession. on top of that, worries about a deal were already causing trouble. > uncertainty about how the fiscal cliff, the raising of the debt limit, and the longer-term budget situation will be addressed appears already to be affecting private spending and investment decisions, and may be contributing to an increased sense of caution in financial markets. >>
snack food company employed more than 18,000 people. an update on hewlett-packard's fraud claim. the federal bureau of investigation is opening an inquiry into the $8.8 billion dollar write-down, that h.p. says is a result of bad bookkeeping, at the u.k. software maker it bought last h.p.'s business has been struggling because of the shift away from personal computers, to tablets and smartphones. and the fbi may not be the only government agency eyeing the write-down, h.p. says its filed complaints with government agencies both here and in the u.k. and in the u.k. and you know, tom, this is just another board room drama at hewlett-packard. you remember the phone-hacking scandal, and the sexual harassment allegations, and they led to c.e.o. resignations. really amazing what is going on behind the scenes at hewlett-packard. despite all of that, the stock recovered a little bit today after that big selloff yesterday. >> tom: last night we were talking about how this stock hasn't traded as low as it was yesterday since the mid-90s. a little bit of rebound today. here is susie in our
a lot. looks like yesterday's trashing is today's treasure as far as hewlett-packard goes. we're going find out why somebody here believes hp's troubles would not exist if they kept former ceo mark herd. >> take a look at markets today meanwhile. we have the rally in the dow jones industrial average, up about 0.3%. nasdaq composite also in positive territory to the tune of 9.5 points. s&p 500 higher by 2.25 points. fractional move there at 1379. meanwhile, cease fire between israel and hamas announced earlier today. we saw an immediate reaction in the market. take a look at this chart. the dow rallying as soon as the news hit the tape. >> we saw oil go down, as a matter of fact. things are coming back here. let's get to it with our next guests in today's close cl"clos" exchange. theoretically, the cease fire is an hour old. markets responded initially, but they've sort of regressed after that. you just saw the dow jones industrial average intraday. we saw a move to the upside. don't call it a super rally, but certainly definitive. the markets had been very nervous about whether the sit
insider trading case ever and the block busters announcement from hewlett-packard alleging accounting improprieties in the acquisition of the software company, autonomy. back with more. having you ship my gifts couldn't be easier. well, having a ton of locations doesn't hurt. and my daughter loves the santa. oh, ah sir. that is a customer. let's not tell mom. [ male announcer ] break from the holiday stress. fedex office. monarch of marketing analysis. with the ability to improve roi through seo all by cob. and from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. i'm going b-i-g. [ male announcer ] good choice business pro. good choice. go national. go like a pro. syou know, i've helped alot ofof bpeople save a lot of money. but today...( sfx: loud noise of metal object hitting the ground) things have been a little strange. (sfx: sound of piano smashing) roadrunner: meep meep. meep meep? (sfx: loud thud sound) awhat strange place. geico®. fifteen minutes could save you
? >>> plus, if you thought things couldn't get any worse with hewlett-packard, think again. coming up, how the tech giant managed to spend 10 billion dollars on a company it now says was riddled with bad accounting. >>> and could it be the most lucrative insider trading tip-off of all time? former hedge fund manager is charged with helping investors make more than a quarter of a billion dollars in illegal trades. we're going to have more on that. but first it is top of the hour. stocks hit session lows while ben bernanke was speaking. let's go to the floor of the new york stock exchange as we do every 15 minutes. nicole petallides we sold off while he was talking about fiscal cliff and what it could do to the economy. nicole: that's right when you talk about the economy and you hear your fed head and he doesn't sound optimistic that weighs on the markets. our low of the day was about 42 points below our current levels right now. we have recooped some of the losses. but still down almost 1/2% for the dow jones industrials. we are seeing it weighing. ben bernanke talking about a tough econom
as the year winds down. >>> later, as lawsuits pile up and hewlett-packard stock suffers, carly fiorina will join me for her first interview since the autonomy disaster came to light. wait until you hear who she says deserves the blame. >>> also, social security and medicare in focus. is this economic backdrop cost cutting? should these programs be torn down to keep our economy from hitting disaster down the road? we'll debate this hot-button issue coming up. stay with us. you have to dig a little. fidelity's etf market tracker shows you the big picture on how different asset classes are performing, and it lets you go in for a closer look at areas within a class or sector that may be bucking a larger trend. i'm stephen hett of fidelity investments. the etf market tracker is one more innovative reason serious investors are choosing fidelity. get 200 free trades today and explore your next investing idea. card hassles? introducing chase liquid. the reloadable card that's easy to activate and can be used right away. plus, you can load cash or checks at any chase depositfriendly atm and che
. the electric cars -- the tanks are small but so is fairchild or in tal or hewlett-packard -- intel or hewlett-packard or steve jobs. the seats we plant brings the vast forests of new products and new technologies and new patents in the future. that is where we have to -- we have to keep our eye on the main thought here. that is the discipline, the imagination, and the investment. that is what makes california -- that is why people are still coming here. they're not staying in colorado, i am sorry to say. they're right here. [applause] >> just briefly, setting aside plunder for a moment. >> i am sorry about plunder. it is a big part of wealth creation. >> could you talk briefly about your turn initiative? >> it is going well. mike rossi is leading the charge. i have met with what i think will be the next president of china. we have delegations from china to come here. we're sending delegations there. this is not just business as usual. we're getting detailed committees and proposals, a couple of the key states. we want good coming this way. we want good going out way. -- goods coming this way and we w
not stopped. we will break it all down. and staggering news from hewlett-packard. evidence of financial fraud in connection with a software company they acquired last year, this one could have huge impact on the bottom line, and the stock market as a whole. all those details. plus, just in time for black friday, would raising wages for retail workers kickstart the economy? one study says it could boost gdp by 15%. i'm not really buying that. when the people behind that report is here to disagree with me. even when they say it is not, it is always about "money." all right, let's take a look at the headlines, fed chairman ben bernanke warning of dire consequences if we go flying over the fiscal cliff, bernanke says failure to make a deal could trigger another recession. he also says the fed does not have the tools needed to stop another downturn. and they're calling it the largest insider trading case ever. sec charging him with conspiracy to commit serious fraud. reporter made $276 million in illegal profits after receiving a tip from a doctor about a new alzheimer's drug. hewlett-packard's ta
case, who has come forward to say he killed the ex-wife, and friend. >> and bad news for hewlett-packard why the company says it was the victim of a multi billion dollar fraud. >> plus a thanksgiving tradition in the east bay today, but why this deal >> at 4:so checking traffic downtown skyway. andnífñ it's usual bumper to bumper crawl heading left to right moving more smoothlysówh the right side of the screen. back with more >>> it's a tradition in oakland that almost didn't didn't happen this year. huge thanksgiving meal the city and other organizations put on for those in need. laura anthony has the story. >> in oakland, the city and golden state warriors teamed up to everybody 2000 people a dinner. so warrior forward, david lee stepped up with a $25,000 donation. >> to be able to make a contribution to the bay area, is something i'm happy to do. >> besides this meal, donations being collected to serve brown bags of food to families in need this holiday, and throughout the year, the donation pays for a bag providing more than a dozen meals, that continues, after the dishes are done
by 170 points. wears a leadership coming from? hewlett-packard's united technologies and boeing bank of america and turned shanghai year by 2% and the s&p 504 out of five sessions are in the green with the energy sector leading the charge. would get the energy's spider moving up list speaking of oil the best in two weeks the best move in a month and a half dozen hold? go to the floor show bring in the traders. why do attribute the rally? we have big names are the believe we have clarity on the next four years? >> those are absolutely in the mix. look at the industrials' and energy games they were vastly undersold to look at the relief ral lonesome sector to focus the cool names are up close at 2% a clear indication when the market it is looking for the mitt romney wind. and has been be down under the obama administration ever come romney said:it is necessary and they will expand so that says to me they're looking for the romney win. liz: look at gasoline there it is a nice boost. >> over here may argue the opposite. with the big range with the rally people think that portents the ob
pad mini a big threat in the tablet wars? we'll get the verdict from the man who runs hewlett-packard's pc and tablet business next. stay with us. >>> welcome back. it's a tale of two lines in the new york area. drivers in the new york area waiting on enormous lines to fill up their tank. apple fanatics trying to get their hands on the new ipad mini. john fort is outside an apple store in california with a surprising story. john. >> reporter: marimaria, it's sta wait, though. that line in new york got longer at the fifth avenue store. more than 800 people when the doors opened. hard to gauge exactly what that means, though. a number of other new york stores were closed, of course, in the south of manhattan because of hurricane sandy cleanup. now, here in palo alto, still plenty of back ipad minis in stock. i took a look at the number of reservation cards. looks like there are well over 50 cards. they say they have 16, 32, and 43 gigabyte models in stock. it just got really crowded. lots of people coming in and getting minis. gene muenster of piper jaffray estimates over 1 million. maybe th
of the country. >>> now hewlett-packard is now up 2 1/4%. we just heard through reuters we're confirming it here on fox business that a class-action lawsuit has been filed against hewlett-packard, a law firm -- we're looking at this issue with autonomy, it's a company they had to write down the acquisition by billions and billions of dollars. so clearly this is the breaking news on hewlett-packard right now. not really moving that much. still up about 28 cents. apple as you saw up sharply. analysts talking about a strong black friday for apple based on some checks on their stores. analysts run in there and look at the stores and watch and see what people are buying. apple is what people are buying. we're stuck in the pool of red with bits of green. let's find out why and whether we hoist ourselves out of it. let's go to our floor show. ben willis, can we switch this tomorrow or is it a headline driven market? >> this is a natural pullback from overbought overextended rally we saw last week. natural pullback. nothing to panic about if you are a long-term investor, you should have your shopping li
is saying. hewlett-packard is using it as a crappy acquisition. >> there's something strange about this story. >> i'm still convinced there's something off about this story. >> with the hp side of it. >> it's not to suggest there wasn't fraud or something else, but the other thing that they didn't call it fraud or try to imply even more heavily. >> they even call it malfeasance. that's from potter. >> you going to watch potter? >> i will. if you'd like me to. you watch "it's a wonderful life"? every man should watch it. >> you watch it every year? >> no, but i do like it. i cry. it's the only movie i really cry for. the fbi and s.e.c. -- when his ears hurt and doesn't know that it was poison that he sent to the kid. i did it for you! the s.e.c. said to be probing these allegations about hewlett-packard's allegation of autonomy. hp said it was a victim of a multi-billion-dollar fraud. mean tile, the founder of autonomy and former ceo mike lynch is telling cnbc that he was shocked by the allegations and he blamed hp for mismanagement. >> we're talking about a massive elephant in the
nearly two tenths of 1%. some of the names helping the dow long are the names in tech. hewlett-packard bouncing back up yesterday with the stock pummeled and hit 10-year lows. imagine the economic news which was not all that great about consumer sentiment, numbers pretty much in line. it'll be interesting for black friday, cyber monday and heading into the holiday season to watch to get the idea of how the consumers are feeling for the holidays. the dollar is lower, commodities are higher. transports giving it a go, getting ready for planes, trains and automobiles. back to you. melissa: thank you so much. gas prices continue to drop, but it is not all good news. prices at the pump are the highest they have ever been on a given day. sandra smith in the pits of the cme with more on today's trade. oil reacting to the news of the cease-fire between israel and hamas, first of all. sandra: it certainly is. not really sustaining the selloff. currently down $0.24, still a little bit of a selloff but nonetheless prices have been coming down into thanksgiving weekend. a lot of drivers hitting th
. >> [ unintelligible ] >>> hewlett-packard stock will start trading again in less than 30 minutes when the markets open this morning opening at a 10 year low the fallout after the company revealed it is the victim of a five billion dollar fraud as we first told you yesterday morning chief executive meg whitman announced british company hp bought a year ago used accounting tricks to inflate its value, hp paid 10 billion dollars for that company. whitman says the company was only worth half that price. you want to stay with abc7 morning news we are going live to jane king at the new york stock exchange to see how the stock for this palo alto-based company is doing today. >>> san jose food bank is still short the up in of turkeys it needs to fill food baskets. we've been telling you about sacred heart for several days. today volunteers will hand out the last of 4200 food boxes. organizers say they still need 200 more turkeys to meet all demand. to find out how you can help go to click on see it on tv. >>> 6:07. on a day like this you are going to want traffic and weather a lot we'll have them
in the technology space as hewlett-packard, a second day and a row, hewlett-packard at 1242 up 4%. they get clobbered on wednesday. remember that following the massive write-down and the accounting concerns which was a big story that we will follow. take a look at dell. stock is up 5%. you got to hit them. ibm stock is up 1%. a good day for technology. really good day for the nation's retailers. these stocks flexing their muscles as black friday gets underway. many stores open last night. some 8:00 p.m. last night. green arrows, walmart look at -- 1% and also home depot, costco, those stocks moving higher and home depot hitting new highss. later we will talk black friday and the holiday shopping season with macy's ceo terry lundgren. quite a scene at macy's flagship store in new york. people rushing to the stores. the risk on trade is alive and well with energy and crude-oil futures higher by 1%. there is oil at $88.20. i wanted to show you how your markets are doing as a move to the last hour of trading. let's get to the floor show with traders standing by at the new york stock exchange an
hewlett-packard hitting a . pakistan are only fo on the floe nyse to find out why. sandy. sandra: not a good day, take a big hit. competition heating up in the pc business in hewlett-packard shares suffering as a result. take a look finishing down about one .5% on the session down at $13.61 per share. hitting a 10-year low. just a penny off the low. volume not significant, but two-thirds of the average daily volume. a little bit of news, lenovo is expanding market share. most importantly over hewlett-packard computer shipments and that is really weighing on the dow components today. thank you guys. david: sandra smith, have a fabulous weekend. liz: s&p futures closing right now. let's go back to cme group on this friday, how does it look? >> it looks like everybody covered, we rallied a little bit into the close. healthy going into next week even with all the uncertainty. we don't see any negativity coming out next weekend with the fiscal cliff business. if we don't do the parties say we are off the table right now, say a small rally going into the weekend. david: that is good ne
performer while technology lagged drag down the hewlett-packard double-digit decline under the discovery they have real problems with the previous acquisition. oil tumbled as a hope for a cease-fire in the gaza strip relieved concerns over supply risk. crude fell 2.8% said a limited $86 per barrel. puttinthe impression the energy component. construction of new homes rose to their highest rate in more than four years last month. of 3.6% to an annual rate of 894,000. that is the highest level since july of 2008. stocks are up 42% over last year, looking better. david: so who wants to pay higher taxes? some millionaires do and they've taken their fight to the white house for the threshold of who should be paying a higher than opposed. joining us now, ron garret. good to see you. we will get to the details in just a second, i pay 50% of my income in taxes of all kinds. the word patriotic millionaire bothers me a little bit. a lot of people don't feel they have to pay more than 50%. i don't think i have to pay more than 50% of my income in taxes but don't think i'm unpatriotic for thinking th
off jobs. but, hewlett packard and or companies have ramped up greek operations. >>> this week the members are going meet to look at what credit an interest rate swaps must be gain feed. some think the market may move from london to chicago. they have to come up with rules to curb risks in the global market. >>> apple is catching up with demand on its latest iphone. nearly two months after the release, shipping times have started to drop. the wait for the phone is now two weeks and before it was closer to a month. since the release apple has reportedly been struggling to meet demands. >>> the kindle has been the number one e reader. we now have the five best selling backs in kin it wills five years. the top book is 50 shades of gray, the hungerer game and then the 50 shades follow up, 50 shades darker. >>> the mayor of new jersey is going to be living on food stamps. he has accepted a challenge to live on food stamps for one week. the idea began on twitter after a person said they are $133 per person per month and that is $4.44 per day. >>> here is your earnings calendar. >>> c
, the nasdaq up fractionally, light trading today. here hewlett-packard, that stock not quite. h-p announcing before the open it will take an $9 billion charge for its $11 billion takeover of british software company autonomy. that sent the stock down 12%. h-p ceo said the company was tainted in its purchase of that company and that autonomy misrepresented its financial condition. late today the fbi and ousted is investigating the accounting irregularities exposed by h-p. ironically oracle passed on the opportunity to buy autonomy 1/4 hewlett-packard was offered a deal. oracle said it was overpriced at a much slower $6 billion. and one of the oracle executives critically involved in that decision was a fellow by the name of mark heard, the former h-p ceo who was forced out to back in 2008. hedge fund manager avoided a kit quarter of a billion in losses and to join stocks in which he held major positions. he quietly sold his stake in those companies of taking short positions and was awarded $9 million for that brilliant move by sec capitol, the company that owns a hedge fund. today the sec, no
for hewlett-packard. an accounting scandal is rocking the company and the stock. the tech giant is taking a $9 billion write- down due to bad accouting by autonomy software the british company hp aqcuired last year. autonomy's founder denies the charges. hpq stock fell 12% yesterday. h-p ceo meg whitman said an internal investigation revealed "serious accounting improprieties" and "outright misrepresentations" by autonomy. this makes 5 straight quarters of large declines for the tech company. what's being called the most lucrative case of insider trading ever has been uncovered by federal authorities. the sec is bringing charges against mathew martoma for making more than $276 million. the case dates back to july 2008, when martoma allegedly learned about the results of a clinical trial of an alzheimer's drug a week before the data were released to the public. martoma made a massive profit by selling stock he owned in the elan and wyeth drug companies, as well as shorting those stocks. the sec says martoma reaped big gains when the stocks fell. groupon shares jumped yesterday after a hedge fu
business move and hewlett-packard paying the price to the tune of nearly $9 billion. i will break down what went wrong. stay with us. gerri: we talk a lot about freedom on this network. the freedom to start your own business, to invest, but with freedom comes responsibility. there's a lot of people just blow it. i'm highly critical of the way government operates and we spent a lot of time criticizing the feds and state and local governments. some folks in the ceo suite on making some of the same mistakes. you have every reason to complain. case in point today, former ceo of hewlett-packard. no one of my colleagues at fox business nominated him as the worst ceo of all-time. in his rush to write the ailing company, they restructure the legendary pc business and bought a british software company called autonomy. oracle decided to take a pass. hp should have done the same because today it had to take $9 billion accounting charge after finding out they have serious accounting i improprie improprieties. the write off wiped out the company's profits. at least the traders at jpmorgan lost $5 billio
names in the s&p 500. driven by the pc demand. let's switch to hewlett-packard. hitting new lows today. tough time for tech stocks. at least at the moment. four years after the financial crisis. the banks are still having a tough time. regulators keep ringing cases against the big banks. he made jpmorgan paid about $200 million. we were the first to point out jpmorgan today, people close to the burgeoning investigation, this is a mockup of a financial crisis. we should point out that two thirds of the jpmorgan self-involved the securities in question, it came from bear stearns. it shows you how much of a liability bear stearns is. they made money off the firm, they also lost money off of firm. a very sizable settlement today off of $3 million. will there be more cases? absolutely. bank of america, wells fargo, deutsche bank, i think you will see disgorged penalties and whatever. all in the same area. liz: they didn't have a lot of time to do due diligence with bear stearns. >> i think this is a crummy little man. the sec has said they have found other non-bear stearns related stuff. we
and described it as art. it was determined that he meant no harm, so no charges were filed. >>> a hewlett-packard financial report it was better than analysts expected this morning. however investors are not pleased with what else the pail low-aloe based company -- what else the palo alto based company reported. >>> u.s. builders start construction on homes at 895,000, that's the feastest so far. taking a live look at the big board, the dow is down 17. the nasdaq down, 1. s&p up slightly. >>> now, this morning, hewlett- packard opened with a loss just checking right now. the numbers and currently hewlett-packard is down 11% after announcing what it calls serious accounting impropriety the by -- improprieties by a british business it bought. hewlett-packard is taking an 8.8 billion charge to revalue the company called autonomy. hp reported it lost 6.8 billion in the first quarter this year japan's tv maker sharp had a better than expected response when it came to -- when it came to laying off. 3,000 volunteered. >>> later today, the richmond city council will talk about chevron's plan to repair th
heading to the middle east. connell: then there is the hewlett-packard story. trying to shuffle through a mess. the accounting fraud taking the stock way down as we speak. dagen: the markets are down. take a look at the dow. stocks now and every 15 minutes. nicole: we are seeing a day very different than yesterday. today giving a little bit back. down 32-point on the dow jones industrials. you mentioned hewlett-packard. that is wang had negative down point itself. names like apple for example-virtually flat or leaning to the downside. connell: will get the numbers in the economy. dagen: steve forbes is from forbes media. >> i am always and often missed. europe is raising taxes, driving their economies into recession. japan is doing the same thing. we are about to do the same thing. the best thing that could happen is they kick the can down the road and do nothing. postpone everything. put it off for six months so that they do something sensible. raising taxes on capital. raising taxes on small businesses. that just means how much damage will be done. that will slow the economy next year
. >> thank you very much. want to turn our attention back to hewlett-packard for a moment. yesterday was a big day for the company when we brought you news that the company was alleging essentially it had been defrauded by autonomy and by management when it played $11.1 billion to buy the unstructured data firm, unstructured data provider or collator, software company, back in october of 2011. you can see hp shares. let's call it almost flat on the day probably a bit of a relief. a lot of personal analysis going on today, looking at those numbers, looking at some charges. we started to hear from some of the parties we questioned yesterday, namely dr. michael lynch, one of the founders of autonomy, who had run at hp. we heard from him last yesterday saying in an interview. there was nothing done at the company under his watch that would in any way indicate anything like the types of charges being made by hewlett-packard. he said as well that he was not even aware of the investigation that had been going on since late may when a so-called whistle-blower came to hp's management and deta
a hewlett-packard or research in motion or nokia, the last two of which were upgraded today. we forget about the financial disaster that's right in our faces. the company that succeed eed lucent at one point the largest telecom manufacturer in the world. i'm reminded of this because right now they're trying to range a lifeline loan from goldman sachs, shore up its balance sheet, keep it alive. something that caused the stock to jump 8% on friday before settling back down today to $1 and change. at one time alcatel lucent strolled across the earth. this equipment maker including the bell labs division of at&t, unbelievable, the brains. all the switching, all the fiber, all the copper. the greatest install base in the world. the best international brand name. believe it or not, it could rival cisco, show up nortell, every day of the week. remember them? you always you it had the inside track on the verizon and at&t deals. that point southwestern bell. as those companies grew and grew. patricia rue sew showed me lte in its infancy. next generation cell phone technology all to itself. alcatel lu
what you need to know. >>> plus, let the lawsuits begin. hewlett-packard slapped with a lawsuit over its autonomy debacle. now companies are openly slamming each other. that sorted story coming up. [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader streaming quotes. it's another reason more investors are saying... [ all ] i'm with scottrade. sven gets great rewards for his small business! how does this thing work? oh, i like it! [ garth ] sven's small business earns 2% cash back on every purchase, every day! woo-hoo!!! so that's ten security gators, right? put them on my spark card! why settle for less? testing hot tar... great businesses deserve great rewards! [ male announcer ] the spark business card from capital one. choose unlimited rewards with 2% cash back o
to kayla. she's got a market flash on hewlett-packard. >> michelle, we're just getting word that moody's has downgraded hewlett-packard senior debt to baa- 1. the stock is still up from its intraday move. but moody's says hp's exposure is pretty large to that, as we know. there are also some questions about competition in the sector. notes that $25 billion of debt will be effective. the outlook is still negative for hp. those woes are continuing. >> all right. thank you very much, kayla. carly fiorina is going to be on the show on friday. it's going to be the first time she speaks about the whole autonomy debacle at hp. >> hp, as you saw, the stock is at least getting a little bit of a bump in what otherwise has been a really, really difficult year for hewlett-packard. the autonomy thing just the latest, right? >> exactly. all right. markets are higher today after comments from house speaker boehner and president obama. we saw an instant reaction in the dow. the index reversing this morning's loss when is they sounded slightly optimistic that they would get a deal done. in fact, the ma
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